Mortgage Calculator

Calculate your monthly mortgage payment and see a breakdown of costs.

Loan Details
Enter your mortgage information
$
$

20.0% of home price

$
%
$
$
Monthly Payment
$2,455.95

per month

Payment Breakdown
Principal & Interest$2,022.62
Property Tax$333.33
Home Insurance$100.00
Total Monthly$2,455.95
Loan Summary
Total of 360 Payments$728,142.36
Total Interest Paid$408,142.36

How to Use This Mortgage Calculator

  1. Enter the home price or loan amount you're considering
  2. Input your down payment amount or percentage (if applicable)
  3. Enter the annual interest rate for your mortgage loan
  4. Select the loan term (typically 15 or 30 years)
  5. Add annual property taxes and homeowners insurance costs
  6. Include PMI if your down payment is less than 20%
  7. Click calculate to see your monthly payment breakdown and amortization schedule

Understanding Your Mortgage Payment

Your monthly mortgage payment consists of four main components (PITI):

  • Principal: The amount you borrowed to purchase the home
  • Interest: The cost of borrowing money from the lender
  • Taxes: Annual property taxes divided into monthly payments
  • Insurance: Homeowners insurance and PMI (if applicable)

Frequently Asked Questions

How do I calculate my monthly mortgage payment?

Your monthly mortgage payment is calculated using the loan amount, interest rate, and loan term. Our calculator also includes property taxes and homeowners insurance (PITI) to give you a complete picture of your monthly housing costs.

What is PITI?

PITI stands for Principal, Interest, Taxes, and Insurance. These are the four main components of your monthly mortgage payment. Principal is the loan amount, interest is the cost of borrowing, taxes are property taxes, and insurance includes both homeowners insurance and PMI if applicable.

What is PMI and when do I need it?

PMI (Private Mortgage Insurance) is typically required when your down payment is less than 20% of the home's purchase price. PMI protects the lender if you default on the loan and is usually added to your monthly payment until you reach 20% equity.

How does the interest rate affect my mortgage payment?

The interest rate significantly impacts your monthly payment. A higher interest rate means higher monthly payments and more total interest paid over the life of the loan. Even a small difference in interest rate can result in thousands of dollars in additional interest over 30 years.

What is an amortization schedule?

An amortization schedule shows how your mortgage payment is divided between principal and interest over time. In the early years, most of your payment goes toward interest. As you pay down the loan, more of your payment goes toward the principal balance.

Disclaimer: This calculator provides estimates only and should not be used as a substitute for professional financial advice. Actual mortgage rates and terms may vary. Consult with a qualified mortgage professional for personalized advice.